Safehold Inc., the creator and leader of the modern ground lease industry, has closed on a ground lease for the development of an Affordable Housing community in the San Fernando Valley area of Los Angeles, California. The Low Income Tax Credit development will provide 275 total units upon delivery in 2029. The project will be developed by The Pacific Companies, a prolific developer of Affordable Housing throughout the Western United States and a repeat Safehold customer.
“We’re excited to expand our relationship with The Pacific Companies with this high-quality asset, in a market with significant unmet demand for Affordable rental product,” said Steve Wylder, Safehold’s Head of Investments. “We are quickly growing our presence in the Affordable Housing space, where we are very encouraged by the demand for our ground lease capital and the growth in our forward pipeline.”
Safehold established a dedicated Affordable Housing team in 2025, with the goal of expanding its investment into the sector.
“Our ground lease capital functions as a low-cost ‘gap filler’ in these developments, at a time when elevated costs and interest rates are posing significant challenges,” Wylder added.
Additional information on Safehold’s Affordable Housing platform is available at www.safeholdaffordablehousing.com.
